Hexagon conducts rights issue of approximately 6 500 MSEK
25 October 2010
Not for release, publication or distribution, directly or indirectly, in or into the United States, Canada, Australia or Japan.
Board of Directors in Hexagon AB has decided on a rights issue of approximately 6 500 MSEK with preferential rights for Hexagon’s shareholders. The background to the rights issue is to finance part of the acquisition of the US-based software provider Intergraph Corporation. On 6 July 2010, Hexagon entered into an agreement to acquire Intergraph for a cash purchase price of 2 125 MUSD on a cash and debt free basis. Completion of the transaction was subject to certain conditions, including clearance from the relevant competent competition authorities and CFIUS (Committee on Foreign Investment in the United States). All approvals have now been obtained, other conditions reviewed and the acquisition is expected to be completed on Thursday 28 October 2010.
Terms of the rights issue
Holders of class A and B shares will have preferential rights to subscribe for new shares of the same series in proportion to their existing holdings (primary subscription right). If all shares are not subscribed for by primary subscription right, shareholders will have subsidiary subscription right to the remaining shares, regardless of class of shares. Shares may also be subscribed for without preferential rights. The record date at the Swedish Securities Register Center, Euroclear Sweden AB, for participation in the rights issue is 29 November 2010. The subscription period is as from 2 December up to and including 16 December 2010, or such later date as decided by the Board of Directors in Hexagon.
The increase of the share capital, the number of shares to be issued, and the subscription price for the new shares, will be determined by the Board of Directors of Hexagon and is expected to be announced on 19 November 2010.
The rights issue is subject to approval by the Extra General Meeting to be held at 10:00 CET on 24 November 2010 at Torsgatan 11, Stockholm, Sweden. See separate press release regarding notice to the EGM for further information.
Subscription undertakings
Melker Schörling AB and Ramsbury Invest AB, two of Hexagon’s largest shareholders, and Hexagon’s CEO and CFO, together representing approximately 53 per cent of the votes and 35 per cent of the capital in Hexagon, have undertaken to vote in favour of the rights issue at the extraordinary shareholders' meeting and subscribe for their pro rata shares of the offering. Ramsbury Invest AB has also undertaken to subscribe for approximately an additional 16 per cent in excess of its pro rata share of the offering if it is not fully subscribed. Consequently, subscription commitments above 50 per cent of the rights issue have been received.
Indicative timetable for the rights issue
25 October 2010 | Press release regarding EGM notice |
19 November 2010 | Subscription price and terms are decided by the Board of Directors and announced through a press release |
24 November 2010 | Extraordinary General Meeting decides on the rights issue resolved by the Board of Directors |
25 November 2010 | First day of trading in the shares, excluding right to participate in the rights issue |
29 November 2010 | Record date for participation in the rights issue, i.e. shareholders who are registered in the Company’s share register of Hexagon as of this day will receive subscription rights for participation in the rights issue |
On or about 29 November 2010 | Publication of the prospectus |
2 - 16 December 2010 | Subscription period |
2 - 13 December 2010 | Trading in subscription rights |
On or about 20 December 2010 | Press release regarding preliminary subscription take-up in the rights issue |
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The shares in Hexagon AB have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Such shares may not be offered or sold in the United States (as such term is defined in Regulation S under the Securities Act) except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States. Copies of this press release are not being made and may not be distributed or sent into the United States.
This press release is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as “relevant persons”). The subscription rights and the shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
In any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the “Prospectus Directive”) other than Sweden, this press release is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive (or are other persons to whom a public offering of securities may lawfully be addressed under the Prospectus Directive).
This press release may contain forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan” and “project” are intended to identify forward-looking statements. They may involve risks and uncertainties, including technological advances in the measurement field, product demand and market acceptance, the effect of economic conditions, the impact of competitive products and pricing, foreign currency exchange rates and other risks. These forward-looking statements reflect the views of Hexagon's management as of the date made with respect to future events and are subject to risks and uncertainties. All of these forward-looking statements are based on estimates and assumptions made by Hexagon's management and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results or experience could differ materially from the forward-looking statements. Hexagon disclaims any intention or obligation to update these forward-looking statements.
This press release consists of such information that Hexagon AB (publ) may be obliged to disclose in accordance with the Swedish Securities Market Act and /or the Financial Instruments Trading Act. The information was submitted for publication on 25 October 2010 at 08:00 CET.
For further information please contact:
Sara Kraft Westrell, Corporate Communications Director, Hexagon AB, 46 8 601 26 23
Mattias Stenberg, IR Manager, Hexagon AB, 46 8 601 26 27
- Prospectus
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